According to BlueWeave Consulting, the global Petroleum Resin market is worth USD 3.2 billion in 2020, and is further projected to reach USD billion by 2027, growing at a CAGR of around 7% during 2021-2027 (forecast period). Petroleum resins are produced as a by-product of the cracking process. They have found applications in many areas. Adhesives and hot melts are the major areas of application for petroleum resins. The increasing demand for adhesives, paints, and coating will be major drivers for the petroleum resin market. C5 resins dominated the petroleum resin market in 2020, owing to their excellent anti-aging properties and enhance thermal and oxidative stability.
Increasing environmental and sustainability trends are acting as major restraints for the market.
The petroleum resins are used extensively in adhesives (Hot melt adhesives) due to their excellent adhesion properties at high temperatures. But, with increasing environmental awareness and sustainability, the constant need to upgrade the quality of the product, and the rise of bio-friendly hydrogenated resins, the growth rate of the petroleum resin market will get hampered.
Rapid urbanization and a growing population in Asia-Pacific are likely to act as a driver for the petroleum resin market in the forecast period.
Petroleum resins are used in several industries ranging from adhesives to paints and coating to printing inks etc. With their excellent adhesive properties, even at high temperature, low volatility, extensive use in the rubber industry will act as major drivers for the petroleum resin industry. The automobile sector was one of the major contributors to the growth of the petroleum resin market in the past and is likely to play a major role again in the forecast period. The ever-increasing demand for hygiene products will also fuel the growth of the petroleum resin market.
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C5 resins dominated the petroleum resin market and are likely to maintain the same growth rate for the forecast period.
The petroleum resin is market is divided into C5-resins, C9-resins, DCPD-resins, and HHCR, based on the type of feed used. C5 resins, with excellent anti-aging properties, low volatility, great adhesive properties, fluidity, low odor, and high stability even at high temperatures, dominated the market in 2020. Hydrogenated resins with their bio-friendly and reliable nature are likely to witness the highest growth rate in the forecast period. C5/C9 resins are also likely to grow at appreciable rate thanks to their growing use in the end-user industry.
Global Petroleum Resin Market: Regional insights
The global market of petroleum resins is divided into the Asia Pacific, North America, Europe, South America, and the Middle East region. Asia Pacific region is likely to witness the highest growth rate thanks to its rapidly developing countries, high demand for end-user industry products, and modernizing lifestyle.
In the Asia Pacific, China is arguably the biggest market for DCPD petroleum resin. With the increasing use of DCPD petroleum resin, in the end, user industries such as rubber, automotive, construction, and plastics are fueling the demand for this petroleum resin.
North America is one of the biggest markets for petroleum resins with high income, increasing investments in the end-user industry are fueling the market growth rate in the North America region.
Global Petroleum Resin Market: Competitive Landscape
The leading players in the global Petroleum Resin market include Brasken, Cymetech (Owned by Sojitz), Reliance Industries, Eastman Chemical Company, BASF, Dow Chemicals, Henghe Petrochemical Co., Ltd, Shandong ShenxianRuisen Petroleum Resins Co., Ltd, Cepsa, Mitsui Chemicals, Ineos Phenol, ExxonMobil, Rain carbon, Zeon Corporation, Idemitsu, Puyang Changyu Petroleum Resins, Lesco, Kolon Hydrocarbon, PuyangTiancheng Chemical Co. Ltd, Arakawa Chemical Industries, and others are expanding their presence in the market by implementing various business strategies. Major players are engaged in mergers and acquisitions, expansion of their manufacturing facilities, infrastructural growth, investment in R&D facilities, and the quest for opportunities to expand vertically through the value chain.
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